Rensselaer Semi-Weekly Republican, Volume 34, Number 52, Rensselaer, Jasper County, 28 February 1902 — COMMERCIAL AND FINANCIAL [ARTICLE+ILLUSTRATION]

COMMERCIAL AND FINANCIAL

"77 77 7 In spite of many unfavornCV IOrL ab,e conditions there was a ■ 1 - " ’good volume of trade last week. While railroad earnings are showing some decreases, because of bad weather, on the year’s record the gain of the combined systems is material. The most spectacular occurrence in the business world during the week was the failure of the City Savings Bank of Detroit. The failure, however, was the outcome of personal dishonesty, and none of the other banking institutions in the city was involved. As to the situation in the iron and steel trade, the production of pig iron in January amounted to over 1,450,000 tons, and stocks were reduced from 180,000 tons on Jan. 1 to 122,000 on Feb. 1. At that date a year ago unsold stocks at furnaces were 550,764 tons. The output is insufficient in the unique situation now prevailing in this industry. There has been a decrease in production on account of storms, which hampered railroads and made it impossible for some furnaces to get coke. The excellent demand for coal is due in part to the busy condition of industries, which does not permit stocks to accumulate. There is talk of a further advance in pig lead, and trade reports indicate an unprecedented activity for this season of the year. The copper market is still unsettled and purchases are small. Exports of copper are still growing over last year’s record. Total exports of the United States for the seven months to Jan. 31 fell off $29,925,109 as compared with the corresponding period of the previous fiscal year, while imports increased $67,366,811. The comparison, of course, is with a time when exports wete high. Shipments to Porto Rico and Hawaii also were included for the last fiscal year. In the calendar year 1901 this country held its position as the leading exporting nation of the world. Money is plentiful and rates are unchanged at 4to 5 per cent. Country balances have grown enormously and outside banks are buying much commercial paper. The Imperial Bank of Germany has reduced its rate again. It is (low 3 per cent, the same as the Bank of England. There has been a distinct change for the better in Germany.

~~ ' Every week adds some ClliGdllO. evidence of improvement in ’ ' I the Chicago real estate market. Several new downtown deals are repotted, and also the sale of a large tract of acre property. Larger imports of steel and iron seem unavoidable. Manufacturers are offering abroad higher prices for steel billets tlifan were asked by American producers last year. A Southern railroad is reported to have placed abroad an order for 25,000 tons of rails, being unable to secure delivery from home makers when needed. The United States Steel Corporation (lings to its set policy of refusing bonuses offered for prompt delivery. Where iron and steel markets are regarded by so many good judges as the most reliable indication of business the resistance to temptation to raise prices becomes of special interest. Steadiness in these important products works against the probability of overproduction. The situation is peculiar, however. The official quotation on steel bars is said to be merely a nominal one, as manufacturers are sold so far ahead that they are not taking orders at that figure. Eggs reached 30% cents a dozen, wholesale, the highest point of the season. They advanced 1% cents on Saturday here and 8 cents in New York. This is 5 cents higher in Chicago than a week before. The cold weather has checked laying and the demuid is urgent. There Is no corner, but stocks in <sold Storage are being held back. Butter is firm and the higher grades are scarce. May wheat closed at 78%c to 78%c, against 77%c the week before. May corn closed at 62%c to 62%c, aga'nst 61%c.